The European Bank for Reconstruction and Development (EBRD) provided $532.5 million in soft financing for development to two Egyptian state-owned banks and an equity fund, according to the Ministry of International Cooperation.
The National Bank of Egypt (NBE) received a $400 million loan to assist small and medium-sized firms (SMEs) in Egypt and regional companies run or owned by young entrepreneurs.
The funds will be used to support economic development, financial inclusion, and secure financing for Egypt’s private sector.
The EBRD gave Banque Misr a $100 million loan to boost SMEs, sustainable and universal development, and finance in areas with inadequate banking services.
The European bank granted $32.5 million to the equity firm Mediterrania Capital IV to help allocate $385.7 million to middle-size enterprises in Egypt, Tunisia, and Morocco’s healthcare, retail, and industrial sectors.
Rania Al-Mashat, Egypt’s Minister of International Cooperation, underlined the importance of private sector investment in supporting the country’s economic progress. Her remarks emphasized Egypt’s close partnership with the EBRD.
Al-Mashat reviewed Egypt’s and the EBRD’s joint country strategy, adding that the goal is to improve Egypt’s competitiveness, accelerate economic growth, and encourage the private sector through development projects.
She noted that the EBRD’s present investments in Egypt are aimed at the private sector, emphasizing the bank’s emphasis on private investors as a driving factor for Egypt’s growth.
The EBRD-Egypt relationship seeks to boost long-term economic growth and job creation in the nation by leveraging the bank’s strong collaboration with Egypt’s governmental and private sector organizations.
